First In, the mission-driven venture capital firm investing in security technologies, today announced that Rebecca Gevalt has joined the firm as a general partner. In this role, Gevalt will help lead First In’s venture growth-stage strategy, extending the firm’s ability to partner with founders from early innovation through scaled growth.
First In is currently deploying capital from its third fund — a licensed Small Business Investment Company Critical Technologies (SBIC-CT) fund — following top-decile performance on its first two funds against Cambridge Associates benchmarks. The firm’s dedicated venture growth-stage strategy complements its proven early-stage track record, including being the first investors in the hypersonic missile company Castelion. First In has deployed more than $100 million into growth-stage companies including Anduril, Castelion, Antithesis, Adlumin (acquired by N-able) and Smack Technologies, achieving top-decile performance in its venture growth-stage investments.
As defense and national security technology companies increasingly mature beyond the seed stage, founders are seeking investors who can help scale businesses serving both commercial and government customers.
Gevalt brings more than two decades of experience in national security as a venture investor and operator focused on scaling technology companies into the federal market. She began her career at the Central Intelligence Agency (CIA), where she focused on counterterrorism operations. Rebecca later worked with In-Q-Tel, the venture capital arm of the U.S. Intelligence Community, identifying and integrating innovative technology startups into national security missions.
“Having a general partner with Rebecca’s depth of experience and reputation reinforces and expands First In’s capabilities,” said Renny McPherson, managing partner at First In. “We’ve had the opportunity to work with exceptional founders from the earliest stages, and to continue partnering with them as they scale. Rebecca’s experience across government, venture investing and company building makes her an ideal general partner to join Arthur Karell and me.”
After leaving government service, Gevalt joined Dcode Capital, where she helped build and operate the nation’s largest dedicated federal go-to-market accelerator program. The program supported more than 270 companies in launching or expanding their federal businesses, with more than 40 achieving unicorn valuations. She then founded and served as managing partner of Dcode, a venture firm focused on later-stage, commercially successful technology companies with strong potential to support the U.S. government.
“Growing a partnership is one of the hardest things for a venture firm to do, so we’re thrilled to join forces with Rebecca to continue expanding the First In investment platform,” said Arthur Karell, general partner at First In. “She has a tremendous reputation in the industry for venture discernment and execution, and that’s already elevating our security technology investment strategies.”
Gevalt earned a B.S. from Tulane University on a full academic scholarship.
“Security technology companies are reaching an inflection point,” Gevalt said. “More founders are successfully scaling beyond early product-market fit into businesses supporting critical government and commercial missions. I’m excited to help those entrepreneurs navigate the next phase of growth.”
About First In
First In empowers entrepreneurs who secure our freedom. Founded in 2020, First In is a premier venture capital firm investing in defense technology and data-driven security platforms. The firm partners with technologists, practitioners, and leaders building technologies critical to commercial resilience and national security. For more information, please visit www.wearefirstin.com.
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